Nvidia CEO Jensen Huang adds $7 billion to his net worth amid AI frenzy

CEO Jensen Huang is a lot richer today than he was yesterday after shares of the chipmaker he co-founded in 1993 soared in their biggest one-day gain in market cap on record.adding more than $200 billion to its valuation, after the company reported a blockbuster earnings report that showed the hype in generative artificial intelligence is translating into big revenue gains for the company.

Huang's direct ownership of 86.9 million Nvidia shares, or about 3.5% of the company, means Thursday's massive rally added about $6.8 billion to his net worth. Huang's ownership stake was listed in Nvidia's 2023 annual report. Huang's total net worth is set to top $34 billion, and his year-to-date gain is pegged at about $20 billion when including Thursday's surge, according to data from Bloomberg.

Nvidia, which makes a key chipset that helps drive the power-hungry technology behind OpenAI's ChatGPT and Alphabet's Bard chatbot, increased its second-quarter revenue guidance to $11 billion, which was"In 22 years of covering tech stocks and large cap we have NEVER seen a guidance range of this magnitude on a large cap tech name and thus speaks to our thesis that the monetization of AI...

Technology Technology Latest News, Technology Technology Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nvidia's big break has been a long time coming, Jim Cramer saysCNBC's Jim Cramer has had faith in Nvidia for years because of CEO Jensen Huang, who had the company ready for the frenzy of generative AI.
Source: CNBC - 🏆 12. / 72 Read more »

Nvidia barrels toward rare $1 trillion valuation after putting a dollar figure on AI boostNvidia Corp. could be within sight of becoming only the seventh U.S. company to top a valuation of $1 trillion after an audacious, AI-charged forecast.
Source: MarketWatch - 🏆 3. / 97 Read more »

Nvidia shares soar nearly 30% as sales forecast jumps and AI boomsNvidia Corp on Wednesday forecast second-quarter revenue more than 50% above Wall Street estimates, and said it is boosting supply to meet surging demand for its artificial-intelligence chips, which are used to power ChatGPT and many similar services.
Source: Reuters - 🏆 2. / 97 Read more »

Nvidia CFO on record-breaking forecast: 'The inflection point of AI is here'OPINION: Nvidia CFO Colette Kress tells columnist tpoletti that generative AI is 'the app of all apps' as she predicts record revenue.
Source: MarketWatch - 🏆 3. / 97 Read more »